enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

pandemic. However, there are promising signs of growth driven by the revival of tourism, the increase of exports, and the acceleration of government spending. Tourism industry Source : Ministry of Tourism

Estate Public Company Limited Management Discussion and Analysis 2Q20 With respect to commercial business, special reduction granted to tenants impacted by COVID-19 is expected to reduce thanks to revival

experts/workers/foreigners. • Pros: Revival of the economy. • Cons: Unfair competition and possible corruption. 4 https://go.microsoft.com/fwlink/?linkid=2006808&clcid=0x409 SEC Classification : ใชภ้ายใน

lasted through the quarter. 2. Net marketing margin decreased, compared to the previous quarter, as the retail price was unable to keep up with the velocity of rising cost, combined with the government’ s

in the market. Broadly speaking, the Thai economy in 2017 may grow around 3.4 percent. In addition to government spending and investment – the main contributors to the Thai economic revival, we should

of 2016. Looking ahead into the final quarter of this year, loans are set to maintain growth. Business loans, in particular, are expected to receive a boost from revival in economic activity and the

have been achieved. The capital market has developed and gone through a major turnaround in support of the country’s economic revival and sustained growth. Such advancement was reflected in the increase